Zvi Goffer, a trader nicknamed "Octopussy" because his arms reached into so many sources of information, was found guilty of insider trading Monday as part of a government crackdown on insider trading at hedge funds. A jury convicted Goffer and two accused co-conspirators, Michael A. Kimelman and Goffer's brother Emanuel Goffer, in U.S. District Court in New York. Each faces up to 25 years in prison.
Dinner with Buffett raises $2.6M for charityAn auction to dine at New York's Smith & Wollensky steakhouse with Warren Buffett, the chairman of Berkshire Hathaway, raised a record $2,626,411 on Friday. The winning bid was $2,345,678. But after the auction closed, the winner, who chose to remain anonymous, pledged more money, topping last year's record amount by $100, according to the Glide Foundation, a San Francisco charity that helps the poor and homeless and which will get proceeds from the auction.
Comcast, Skype to offer video calls on TVsComcast Corp., the largest U.S. cable provider, will partner with Skype Technologies SA to let customers make video calls on their home televisions. Comcast subscribers will be able to use the service for Skype calls while they watch TV. Customers will get the service through an adapter box and will be provided with a high-definition video camera and custom-made remote control for instant messaging. The partnership could give Microsoft, which agreed to buy Luxembourg-based Skype for $8.5 billion last month, a way to generate additional revenue from the world's most popular Web-calling service.
Saab makes second deal with ChinaSaab Automobile announced a deal Monday with two Chinese companies that will take stakes in the Swedish automaker and also make and sell its cars in China. Spyker Cars, which owns Saab Automobile, said that it had signed a memorandum of understanding to sell a 29.9 percent stake in Spyker to Zhejiang Youngman Lotus Automobile for 136 million euros ($195 million). Last month it announced a financing and import deal with Pang Da Automobile Trade, also of China.
VF to buy Timberland for $2.2BClothing and footwear maker VF Corp., whose brands include Wrangler, Nautica and the North Face, said Monday it will buy boot and clothing maker Timberland Co. for more than $2.2 billion as it seeks to expand its outdoor offerings. Greensboro, N.C.-based VF plans said Timberland's headquarters will stay in Stratham, N.H. VF is offering $43 for each Timberland share, a 43.4 percent premium to last week's closing price last week. VF said it expects the sale to close in the third quarter.
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